Walmart says U.S. tariffs on imports from China and other countries will force the retail giant to begin raising some prices as soon as this month.
The company's CEO Doug McMillon said Thursday many items on the stores' shelves are costing more for the company, and will start costing more for shoppers too. Walmart's finance chief said higher prices were likely to come as soon as this month and into the summer.
Speaking to investors after releasing quarterly earnings, McMillon said Walmart will work to protect food prices as much as possible.
"We will do our best to keep our prices as low as possible," he said. "But given the magnitude of the tariffs, even at the reduced levels announced this week, we aren't able to absorb all the pressure given the reality of narrow retail margins in retail."
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